Former Canadian Prime Minister Stephen Harper will serve as the board chair for AIMCo. (Photo: Palinchak | Dreamstime.com)

By David Opinko

Stephen Harper to chair Alberta Investment Management Corporation

Nov 20, 2024 | 11:24 AM

A former Canadian Prime Minister will take the lead on the Government of Alberta’s investment agency.

Stephen Harper has been appointed the Chair of the Board of the Alberta Investment Management Corporation (AIMCo).

He will help oversee AIMCo’s efforts to restore confidence and stability in Alberta’s investment management agency.

“I am taking on this role, and doing so on a pro-bono basis, because I believe it is a meaningful act of public service to my adopted home province of the last 46 years. I also feel uniquely positioned to help the organization improve its governance,” says Harper.

Harper, the former leader of the Conservative Party of Canada, says Canadian pensions have earned a global reputation thanks to professional operations, upstanding ethics and prudent fiscal management.

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“I have accepted the role of board chair because I want to see AIMCO further embody these values and to positively contribute to this culture,” added Harper. “I look forward to working with the new board of directors and AIMCO’s new management team.”

In recent years, the province says AIMCo’s operating costs, management fees and staffing have increased significantly without a corresponding increase in returns on investment.

Premier Danielle Smith says she is incredibly fortunate that Harper has agreed to take on this role, and she believes he has what it takes.

“Our ambitious goal of building the Heritage Savings Trust Fund to more than $250 billion in the next 25 years requires strong governance oversight, which he will provide. His appointment, and that of the rest of the board, are a strong step forward in giving all Albertans confidence in the long-term sustainability and success of AIMCo,” says Smith.

Harper was Canada’s prime minister for nearly one decade, being in the federal government’s top position from February 2006 to November 2015.

He is now the Chair and CEO of Harper & Associates, a global consulting and strategic advisory business that he founded in 2016.

However, Public Interest Alberta’s executive director Bradley Lafortune, wasn’t so pleased to hear the news.

“Stephen Harper has no direct experience with pensions. No politician should be in charge of any one pensioner’s retirement, let alone the 375,000 Albertans who are now under the direct control of Stephen Harper,” says Lafortune. “Harper infamously introduced two-tiered pensions in 2012 while serving as prime minister. He is a multi-millionaire who is out of touch with the average working Albertan. Public Interest Alberta will not stop campaigning for Albertans’ retirement security until public sector pensions are secure and the CPP is safe from the hands of Danielle Smith and Stephen Harper.”

Alberta Teachers’ Association President Jason Schilling also voiced concerns over the announcement on Wednesday.

“The Association is troubled by the government’s actions regarding the dismissal of the AIMCo board and the subsequent appointment of Stephen Harper as chairman. Even more concerning is the decision to install the deputy minister of treasury board and finance as a permanent member of the AIMCo board.   

“Appointing prominent political figures raises questions about the board’s autonomy, considering the corporation was meant to function at arm’s length from government.  These recent decisions are understandably frustrating teachers, who see their pensions being politicized once again by the UCP government.   

“The ATA remains steadfast in its commitment to protect the interests of active and retired members and will continue monitoring the next steps from AIMCo and the government.”